Turkey surprises with rate increase

The Turkish Central Bank surprised markets on Thursday with a 1.25% rate increase in its repurchase rate to 17.75%, sending the lira up sharply. The currency, which briefly touched 5.0 to the US dollar in May, recovered to 4.46 before declining again to 4.49. President Tayyip Recep Erdogan had inveighed against high interest rates during […]